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Car loans from Bank of America

Discussion in 'Ferrari Discussion (not model specific)' started by GeorgeRiley, Jan 29, 2010.

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  1. GeorgeRiley

    GeorgeRiley Rookie

    Jan 17, 2009
    11
    #1 GeorgeRiley, Jan 29, 2010
    Last edited: Jan 29, 2010
    Hi All,
    I described a recent purchase of a 1994 360 on a separate thread
    "Experience with Ferrari of Atlanta". I wanted to post some info about
    the experience of getting a loan.

    I am a long time Bank of America customer, so when I was a bit short of the required
    funds for the 360, I went to the BOA web page and found a number to call to ask
    about a car loan. I described the car, the price, my credit history, and other stuff and
    got a very positive, "Sure, we can loan you up to $100,000, no problem". I did not
    need nearly that much, but was then satisfied I could make a signed offer for the car
    and obtain the funds easily.

    After we negotiated the price and sealed the deal, I went to the BOA web page for
    on-line car loan application. It is a very easy process, just two or three pages of simple
    information about how much is being requested, jobs and income, etc. Imagine my
    surprise when I get a pop-up saying "Your loan cannot be approved at this time. You will
    get a letter within 30 days explaining the details". What??? Here I am with a signed
    contract to purchase a very expensive car and not quite enough funds to cover it!

    I of course immediately called the support number, and surprisingly actually got to
    speak to a real person. Here is the kicker. The problem was that the car was a 1994
    model, and BOA will only make used car loans for cars 5 years old or less. Thus, my
    application was not approved.

    I was able to convince the person at BOA to let me talk to a manager to see if anything
    could be done. Luckily, the manager listened to the situation, understood that the car
    was a 6-year old Ferrari with only 13,000 miles, and the fact that I was only asking for a small
    fraction of the car's value. She was able to approve my loan.

    So, be aware; getting used car loans from BOA is not difficult, but be careful with cars
    more than 5 years old.

    George
     
  2. CaptOharry

    CaptOharry Formula Junior

    Jan 4, 2009
    763
    Green Cove Spgs FL
    Full Name:
    Harry Welch
    #2 CaptOharry, Jan 29, 2010
    But what's the intrest rate?
     
  3. DGS

    DGS Seven Time F1 World Champ
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    May 27, 2003
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    #3 DGS, Jan 29, 2010
    Business models and web pages are made for the "usual suspects".
    Anytime you're outside the 80 percentile, it's better to speak with a human.

    (Except, lately, you need a manager to get a person who qualifies as a human, instead of a zombie.)
    (Not just BOA, but most "common" consumer businesses.)
     
  4. italiafan

    italiafan F1 World Champ
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    Jul 19, 2006
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    Stickbones Swagglesmith
    #4 italiafan, Jan 29, 2010
    1994 360?
    Was it a prototype?
    :)
     
  5. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #5 SrfCity, Jan 29, 2010
    Credit seems to be easing up there a bit.
     
  6. Gershwin

    Gershwin F1 Veteran

    Feb 21, 2005
    6,415
    Kentucky
    #6 Gershwin, Jan 29, 2010
    Always, Always, Always secure your financing before you do anything major, Always!
     
  7. BLAMPEE

    BLAMPEE Man Card Status: Never Issued

    Jun 28, 2008
    15,424
    Sunny Heavenly Beautiful Arizona
    #7 BLAMPEE, Jan 29, 2010
    I got 5.87% for my 355 through my credit union in 2008. And my car was 9 years old! :)
     
  8. Jackmb1

    Jackmb1 F1 Rookie

    Dec 27, 2005
    3,329
    #8 Jackmb1, Jan 29, 2010
    +1
     
  9. SSNISTR

    SSNISTR F1 Veteran

    Feb 13, 2004
    8,046
    SFL
    #9 SSNISTR, Jan 30, 2010
    A '94 360????
     
  10. WJHMH

    WJHMH Two Time F1 World Champ
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    #10 WJHMH, Jan 30, 2010
    It must have been this first steel body.

    :rolleyes:
     
  11. blackbolt22

    blackbolt22 F1 Veteran
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    Sep 25, 2007
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    Boca Raton, FL
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    Mr. Anderson
    #11 blackbolt22, Jan 30, 2010


    Most banks do not make loans for older cars.
     
  12. Smyrna355Spider

    Smyrna355Spider F1 Rookie
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    Feb 9, 2008
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    #12 Smyrna355Spider, Jan 30, 2010
    Sounds like getting a car loan from B of America is just as hard as finding a 94 360. Maybe they figured you had to have searched like hell to find a 94 360 so you should work just as hard for the loan. :D
     
  13. Street&Track

    Street&Track Formula Junior

    Nov 10, 2003
    662
    #13 Street&Track, Jan 30, 2010
    The last 1994 360 I saw was on a Fiero chassis
     
  14. 285ferrari

    285ferrari Two Time F1 World Champ
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    #14 285ferrari, Jan 30, 2010
    :D
     
  15. SGM

    SGM F1 Rookie
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    #15 SGM, Jan 30, 2010
  16. ferraripete

    ferraripete F1 World Champ

    Nov 5, 2003
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    san diego/charlotte
    #16 ferraripete, Jan 30, 2010
  17. BigTex

    BigTex Seven Time F1 World Champ
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    #17 BigTex, Jan 30, 2010
    This is it..

    BoA several times approved the amount, until they confirmed "1976 Ferrari" LOL!
     
  18. BigTex

    BigTex Seven Time F1 World Champ
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    Bubba
    #18 BigTex, Jan 30, 2010
    They didn't do a Ducati ST3 either.........:D :D :D
     
  19. ferraripete

    ferraripete F1 World Champ

    Nov 5, 2003
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    san diego/charlotte
    #19 ferraripete, Jan 30, 2010
    no surprise there alan...they were saving you from yourself. the message was to get a 916/96.98 instead! :)
     
  20. Quadcammer

    Quadcammer Formula Junior

    Jun 29, 2005
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    Oliver
    #20 Quadcammer, Jan 31, 2010
    Who signs a contract to buy a car without having your financing in order?
     
  21. hexxman

    hexxman Karting

    Oct 25, 2006
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    #21 hexxman, Jan 31, 2010
    seriously...the banks are a big joke, they would have loaned money on this deal without even reading the application if it were 2 years ago. today they hold back the money even if the applicant is putting down 50%....they are are big joke!
    so many banks took the trap money, reinvested it, made a wind fall then returned it. all on our sweat. they piss me off!
     
  22. Quadcammer

    Quadcammer Formula Junior

    Jun 29, 2005
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    Oliver
    #22 Quadcammer, Jan 31, 2010
    so before it was too much lending, now its not enough.

    If you don't like the big banks, don't use them. I doubt they'll miss you.
     
  23. shmark

    shmark F1 Rookie

    Oct 31, 2003
    2,968
    Atlanta
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    #23 shmark, Jan 31, 2010
    Banks don't give a crap about you in general. Small-town banks and credit unions are better. I'm not a fan of loans on toys, but I am a fan of being your own bank. Have the cash and loan it to yourself (lots of good ways to do this), and make your money work twice as hard.
     
  24. otterbeinjumper

    otterbeinjumper Karting

    Mar 1, 2007
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    Columbus, OH
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    Michael
    #24 otterbeinjumper, Jan 31, 2010
    This is surely not 360 territory, but I just financed a 94 viper with pentagon federal credit union. They offered up to 6 years @ 3.99 and up to 100k on used vehicles up to 20 years old. I have no connection to these guys, but I highly recommend them if anyone needs financing for a sports car. Pm me for more info if needed.
     
  25. hexxman

    hexxman Karting

    Oct 25, 2006
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    #25 hexxman, Jan 31, 2010
    Last edited: Jan 31, 2010
    you are right, they wont miss us. that is my point! i am not referring to just auto loans though, this approach also applies to real estate, business loans, etc. it makes be irate because a short time ago these same financial institutions made the huge mistake of over lending, now it is the absolute opposite. they dont have the simple common sense to meet somewhere in the middle? do they not remember that our tax dollars kept them alive? i dont know, maybe its me...btw...you are right about the credit unioins, only problem is that they dont always lend to all. i.e. penfed, i believe, only services members of the armed forces, vets, etc.
     
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